The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|[email protected]|TS=1614704400

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=57994931573662167747978708078606479228|[email protected]|TS=1614564000

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|[email protected]|TS=1614452400

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|[email protected]|TS=1614376800